Marshall & Ilsley To Pay $4M To Settle Overdraft Fee MDL

Law360, Miami (August 2, 2013, 8:20 PM EDT) -- A Florida federal judge on Friday granted final approval for a $4 million settlement in a class action between Marshall & Ilsley Bank and a class of its customers that is part of a multidistrict litigation over checking account overdraft fees.

The M&I Bank class comprises about 190,000 former and current customers who accused the bank of assessing and collecting tens of millions of dollars in unfair overdraft fees after improperly changing the order of customers' debit card transactions in order to maximize those fees....
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